Daijiworld Media Network - New Delhi
New Delhi, Aug 1: The Central Bureau of Investigation (CBI) on Saturday registered an FIR against Reliance Capital Limited (RCL), its former Chairman Anil Ambani, unknown public servants and other persons over alleged financial irregularities that caused a wrongful loss of Rs 1,007.55 crore along with an interest liability of Rs 808.67 crore.
The agency said the FIR was registered based on a written complaint received from the Employees' Provident Fund Organisation (EPFO) under the Ministry of Labour and Employment.
According to the CBI, the complaint alleges that during 2013 and 2014, Reliance Capital Limited issued secured Non-Convertible Debentures (NCDs), in which EPFO invested Rs 2,500 crore through four portfolio managers, including Reliance Capital Asset Management Limited.
The NCDs were scheduled to mature between 2023 and 2024. The agency alleged that the accused persons were involved in fraudulent transactions and diversion of funds, resulting in the failure of redemption of the debentures by Reliance Capital.
The alleged default caused a total loss of Rs 1,816.22 crore to EPFO, according to the complaint cited by the agency.
"Investigation has been taken up to identify the role of all persons involved, including public servants and private individuals, examine the alleged criminal conspiracy, and trace the end use of the invested funds," the CBI said in a statement.
The agency has registered cases under charges including criminal conspiracy, cheating, criminal breach of trust and criminal misconduct.
The CBI also recalled that it had earlier registered seven FIRs against other Reliance ADA Group companies, including Reliance Communications Limited, Reliance Home Finance Limited, Reliance Commercial Finance Limited and Reliance Telecom Limited, based on complaints from various public sector banks and the Life Insurance Corporation of India.
So far, the agency has filed four chargesheets and arrested seven accused persons in cases related to the Reliance ADA Group.
The CBI said these cases remain under investigation and are being monitored by the Supreme Court, adding that it is committed to conducting a comprehensive and time-bound probe.